Shares of Costamare (CMRE Quick QuoteCMRE ) hit a 52-week high of $15.13 during the course of the trading session on Sep 2, before retracing a bit to close the session at $14.98. In fact, this Monaco-based player, currently sporting a Zacks Rank #1 (Strong Buy), has performed very well year to date. The stock has rallied 80.9%, outperforming its industry’s growth of 62.6%.
Image Source: Zacks Investment Research
You can see the complete list of today’s Zacks #1 Rank stocks here.
Let’s delve deeper to unearth the reasons for this impressive price upsurge.
With the gradual resumption of economic activities, the world trade gathered pace, which is a positive for shipping stocks like Costamare. This is because the shipping industry is responsible for transporting a high proportion of goods involved in world trade.
Bullishness surrounding the containership market is a tailwind for Costamare. The containership market is being aided by increased manufacturing activities in Asia besides other factors. In June 2021, the company announced the acquisition of 16 dry bulk vessels, thereby diversifying its operations and entering the dry bulk shipping market. This strategic move is time opportune as the dry bulk market is flourishing. The upward movement of the Baltic Dry Index reflects the positivity surrounding the dry bulk market.
Top 10 Performing Stocks To Watch Right Now: Progress Software Corporation(PRGS)
Progress Software Corporation provides software solutions for various industries worldwide. Its OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and mobile devices, as well as cloud; and Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities. The companys Data Connectivity and Integration segment provides Progress DataDirect Connect software, which offers data connectivity using industry-standard interfaces to connect applications running on various platforms; and Progress DataDirect Cloud, a software-as-a-service (SaaS) based connection management service that simplifies SQL access to a spectrum of cloud-based data sources through a single standards-based interface. Its Application Development and Deployment segment offers Telerik Dev Tools, a design, quality assurance, debugging, and reporting suite; Telerik Dev Cloud, a cloud-based application design, deployment, hosting, and testing suite; Telerik Platform, an end-to-end application lifecycle solution; Telerik ALM, an application lifecycle management suite for testing Web, mobile, and desktop applications; Telerik Sitefinity, a Web content management and customer analytics platform; Progress Rollbase, a software that allows the creation of SaaS business applications; and Modulus Node.js and MongoDB cloud platforms that helps in the development of business and consumer applications. The company also provides project management, implementation, custom development, programming, and other services, as well as services to Web-enable applications; and training services. It sells its products directly to end-users, as well as indirectly to application partners, original equipment manufacturers, and system integrators. The company was founded in 1981 and is headquartered in Bedford, Massachusetts.